Getting Going on Savings: Evaluation of a Roth IRA Program for Low-Income Young Adults

The Bogle Center for Financial Literacy has asked J-PAL to evaluate an initiative to provide information plus a $1,000 cash transfer for young adult workers living in low-income households to open and fund their own retirement savings accounts. After conducting a J-PAL funded pilot during the summer of 2025, we are planning to launch a full-scale RCT in partnership with the City of Boston’s Office of Youth Employment and Opportunity (YEO) to measure near-term and long-term impacts on financial and general well-being. We will randomly assigning at least 1,200 participants from city-run summer jobs programs to either (1) a treatment group that receives information on saving for retirement including how to open a Roth IRA plus $1,000 and assistance to open and fund their own Roth IRA, (2) a treatment group that receives information including how to open a Roth IRA and $1,000 but no assistance, or (3) a control group that receives only information but no assistance or funding.